Suez Canal to earn nearly $8 billion in 2022, says chairman

Waterway expects further increases in revenue for 2023 as Parliament agrees on development fund

Egypt's Suez Canal. AP

The Suez Canal will earn $7.9 billion in revenue this year compared to $6.3 billion in 2021, the waterway's chairman, Admiral Osama Rabie, told Egyptian politicians on Monday.

Admiral Rabie said revenues in 2023 were expected to be more than $8 billion next year.

Also on Monday, Parliament agreed to create a 100-billion-pound fund for the Suez Canal Authority to use in emergencies, upgrading its facilities and enhancing its role in economic activity in its region.

A final vote is scheduled for a yet-unspecified date.

Admiral Osama Rabie, chairman of the Suez Canal Authority. Reuters

Admiral Rabie also told Parliament the number of ships that used the Suez Canal so far this year reached more than 23,000, compared to about 21,700 in 2021.

He said in September that the Suez Canal Authority planned to increase rates for most vessels crossing the waterway by 15 per cent, and by 10 per cent for dry bulk ships and cruise ships, starting on January 1.

The increases are due to the rise in freight rates, energy prices and time charter rates for each day, the authority said.

The Suez Canal links the Red Sea with the Mediterranean. About 10 per cent of global trade goes through the canal.

Updated: December 19, 2022, 10:19 PM